For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, and in column 3 the financial statement on which the account balance is reported.
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Definitions:
Acceptance
An agreement by one party to the terms of the offer made by another.
Revocation
The action of rescinding or recalling a decision, law, license, or agreement, making it no longer valid.
Tendered Bid
A formal offer submitted in response to an invitation to bid for a project, often including price and terms of service.
Caveat Emptor
A Latin phrase meaning "let the buyer beware," implying that the buyer assumes the risk about the quality and condition of the product being sold.
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